Telsey Advisory Group reiterated an Outperform rating on Amazon.com (NASDAQ:AMZN) but cut the price target on the e-commerce company to $125.00 (From $140.00) ahead of its 4Q22 earnings release scheduled for Thursday, February 2nd.
Telsey reduced their 4Q22 and 2023 outlook on the company to reflect a more challenging consumer and corporate spending environment. The company is facing headwinds in the form of a normalizing market after two years of elevated growth fueled by COVID-19. They also face unfavorable FX trends, and are slowed by ongoing strategic investments.
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